Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.21.1
Leases (Tables)
3 Months Ended
Mar. 31, 2021
Leases  
Schedule of lease cost

 

 

 

 

 

 

 

 

 

Three months ended March 31, 

Components of total lease cost:

 

2021

 

2020

 

 

(Unaudited)

Operating lease expense

    

$

47,674

    

$

35,350

Short-term lease expense

 

 

28,462

 

 

17,003

Total lease cost

 

$

76,136

 

$

52,353

 

Schedule of balance sheet location disclosure

 

 

 

 

 

 

 

 

    

March 31, 2021

    

 

December 31, 2020

 

 

(Unaudited)

 

 

 

Assets

 

 

  

 

 

 

Lease right of use assets

 

$

2,223,059

 

$

437,421

Total lease assets

 

$

2,223,059

 

$

437,421

 

 

 

 

 

 

 

Liabilities

 

 

  

 

 

 

Current liabilities:

 

 

  

 

 

 

Lease liability - current portion

 

$

252,404

 

$

140,100

Noncurrent liabilities:

 

 

 

 

 

 

Lease liability, net of current portion

 

 

1,976,087

 

 

301,429

Total lease liability

 

$

2,228,491

 

$

441,529

 

Schedule of weighted average remaining lease term and the weighted average discount rate for the Company's operating leases

 

 

 

 

 

 

 

    

March 31,

 

 

    

2021

    

2020

 

 

 

(Unaudited)

 

Weighted average remaining lease term (in years) - operating leases

 

6.40

 

4.51

 

Weighted average discount rate - operating leases

 

6.40

%

 8

%

 

Schedule of future lease payments

Future lease payments included in the measurement of lease liabilities on the consolidated balance sheet as of March 31, 2021, for the following five fiscal years and thereafter were as follows:

 

 

 

 

 

Years Ended December 31,

    

Operating Leases

2021 (remaining)

 

$

266,236

2022

 

 

472,273

2023

 

 

426,467

2024

 

 

368,388

2025

 

 

337,104

2026 and thereafter

 

 

881,775

Total Minimum Lease Payments

 

$

2,752,243

Less effects of discounting

 

 

(523,752)

Present value of future minimum lease payments

 

$

2,228,491